Market news
24.01.2022, 23:01

EUR/USD Price Analysis: Weekly resistance line, 200-SMA test recovery above 1.1300

  • EUR/USD keeps rebound from two-month-old support line to battle short-term key hurdles.
  • 200-SMA, one-week-old descending trend line challenge buyers, steady RSI tests further upside.
  • Key Fibonacci retracement levels add to the short-term trading filters.

EUR/USD pauses corrective pullback from two-month-old support around 1.1330 during the initial Asian session on Tuesday.

In doing so, the major currency pair battles the 200-SMA, as well as a descending trend line from January 17, by the press time.

Given the lack of firmer RSI and strong resistances, EUR/USD prices are likely to witness a pullback from the 50% Fibonacci retracement (Fibo.) level of November-January advances, near 1.1335.

However, the downside moves need validation from the aforementioned support line from late November, around 1.1300. Also challenging the EUR/USD sellers near the stated round figure is the 61.8% Fibo. level.

If at all the quote remains bearish past 1.1300, odds of its south-run to 1.1270 and 1.1230 can’t be ruled out.

Alternatively, recovery moves need to stay beyond 1.1335 to aim for December 2021 top near 1.1385.

Following that, the 1.1400 threshold and 1.1430 levels may challenge the EUR/USD bulls ahead of the monthly peak surrounding 1.1480.

EUR/USD: Four-hour chart

Trend: Pullback expected

 

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